Fisher Funds Management portfolio

What changed this quarter

135 positions with a change (8 new, 82 added to, 33 trimmed, 12 sold). 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• Microsoft−26%fewer sharesReduced
  6.0% → 6.2%
• Mastercard−53%fewer sharesReduced
  2.6% → 1.3%
• Msci−1.3 ppof portfolioSold out
  1.3% → —
• Dexcom−64%fewer sharesReduced
  1.6% → 0.8%
• Apple+40%more sharesIncreased
  2.6% → 4.3%
• Zoetis−1.0 ppof portfolioSold out
  1.0% → —
• Danaher−46%fewer sharesReduced
  1.6% → 1.0%
• Nextera Energy+65%more sharesIncreased
  1.5% → 2.1%
• Boston Scientific−62%fewer sharesReduced
  1.2% → 0.5%
• MercadoLibre−44%fewer sharesReduced
  1.7% → 1.0%
• Eli Lilly+157%more sharesIncreased
  0.5% → 1.3%
• Floor & Decor Holdings−53%fewer sharesReduced
  1.8% → 0.7%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• MicrosoftMSFT6.2%
• NVIDIANVDA6.1%
• AlphabetGOOGL · GOOG4.6%
• AppleAAPL4.3%
• Amazon.comAMZN3.9%
• Meta PlatformsMETA3.2%
• BroadcomAVGO2.4%
• Nextera EnergyNEE2.1%
• JPMorgan ChaseJPM1.8%
• Williams CompaniesWMB1.6%
• Arthur J. GallagherAJG1.6%
• S&P GlobalSPGI1.5%
• VisaV1.5%
• Taiwan Semiconductor ManufacturingTSM1.4%
• American ExpressAXP1.4%
• MastercardMA1.3%
• Eli LillyLLY1.3%
• Warner Bros. DiscoveryWBD1.2%
• KKRKKR1.2%
• Targa ResourcesTRGP1.2%
• Intuitive SurgicalISRG1.1%
• Micron TechnologyMU1.1%
• UBER TechnologiesUBER1.1%
• MercadoLibreMELI1.0%
• DanaherDHR1.0%
• HumanaHUM1.0%
• Martin Marietta MaterialsMLM1.0%
• NetflixNFLX0.9%
• Johnson & JohnsonJNJ0.9%
• ASML HoldingASML0.9%
• Ferguson EnterprisesFERG0.9%
• Grupo Aeroportunario DEL PACPAC0.8%
• Tyler TechnologiesTYL0.8%
• AbbVieABBV0.8%
• Berkshire HathawayBRK/B0.8%
• EquinixEQIX0.8%
• DexcomDXCM0.8%
• Tradeweb MarketsTW0.7%
• SalesforceCRM0.7%
• ProgressivePGR0.7%
• Canadian Pacific Kansas CityCP0.7%
• MerckMRK0.7%
• American TowerAMT0.7%
• Nu HoldingsNU0.7%
• Floor & Decor HoldingsFND0.7%
• CMS EnergyCMS0.6%
• IntelINTC0.6%
• Cisco SystemsCSCO0.6%
• Kinder MorganKMI0.6%
• Applied MaterialsAMAT0.5%
• UnitedHealth GroupUNH0.5%
• Edwards LifesciencesEW0.5%
• Bank of New York MellonBNY0.5%
• Verizon CommunicationsVZ0.5%
• NucorNUE0.5%
• At&tT0.5%
• Chipotle Mexican GrillCMG0.5%
• Boston ScientificBSX0.5%
• Hdfc BankHDB0.5%
• Vistra OperationsVST0.5%
• Home DepotHD0.4%
• OracleORCL0.4%
• Parker-hannifinPH0.4%
• United RentalsURI0.4%
• Procter & GamblePG0.4%
• International Business MachinesIBM0.4%
• Installed Building ProductsIBP0.4%
• Steel DynamicsSTLD0.4%
• EquifaxEFX0.4%
• AmgenAMGN0.3%
• AtlassianTEAM0.3%
• Waste ConnectionsWCN0.3%
• PfizerPFE0.3%
• Ameriprise FinancialAMP0.3%
• HCA HealthcareHCA0.3%
• Gilead SciencesGILD0.3%
• Bank of AmericaBAC0.3%
• AflacAFL0.3%
• Lam ResearchLRCX0.3%
• Analog DevicesADI0.3%
• American Water WorksAWK0.3%
• McKESSONMCK0.3%
• NewmontNEM0.3%
• QualcommQCOM0.3%
• Mondelez InternationalMDLZ0.3%
• PPLPPL0.3%
• WabtecWAB0.3%
• AllstateALL0.3%
• Cigna GroupCI0.3%
• CVS HealthCVS0.3%
• ExelonEXC0.3%
• Travelers CompaniesTRV0.3%
• Advanced Micro DevicesAMD0.3%
• WalmartWMT0.3%
• Lowe'sLOW0.2%
• Union PacificUNP0.2%
• Ford MotorF0.2%
• Johnson Controls InternationalJCI0.2%
• PNC Financial Services GroupPNC0.2%